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It seems as though lately almost everyone is talking about cryptocurrencies, telling you about their crypto investments, or asking you if you’re involved. However, when it comes to tax time, many people are either forgetting to declare their crypto investments or labelling them wrongly. If you are involved with cryptocurrency, the team at Smith Shearer are here to ensure that you are making smart decisions with your investments and declaring them correctly come tax time.
The ATO (Australian Tax Office) is receiving more information via data matching so it’s easier than ever to recognise when people have been investing, even in small amounts. And it’s not just the initial trade that is captured for tax purposes, it is all trades between currencies. Put simply, if you buy, sell, or invest in cryptocurrency, you need to be aware of your tax responsibilities, which will vary depending on your circumstances, but everyone needs to keep records for all cryptocurrency transactions.
Why you need to declare all crypto investments - key points to know:
If you need help understanding how this information applies to you, contact our team of tax accountants at Smith Shearer.
With all this in mind, at Smith Shearer we are helping all of our tax clients who have invested in crypto by following these steps:
We are experienced and up to date with Cryptocurrency tax changes. We will ask you the right questions to ensure you are compliant.
Contact our friendly team at Smith Shearer if you have invested in crypto and need some help at tax time. No more head scratching – we’ll support you all the way.
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